Monday, 21st october 2013 | Republic Bank, an IC Insider Buy Rated pick, enjoyed a big $6.06 jump in price in Monday’s trading to end at $117.17, a new 52 weeks high as 1,807 units changed hands during trading. The stock is now priced at 16 times 2013 earnings, well below the 23 times that First Citizens and Scotia Bank are currently valued. For Republic to get a similar valuation, it would require a price of around $170. As such the stock still remains on the Buy Rated list. Also, with limited supply currently available, we expect the continuation of upward price movements.
Republic’s gain helped to push the all TTSE Index up 19.74 to 1,965.81. Market activity resulted from trading in 12 securities of which 3 advanced, 3 declined and 6 traded firm and 1,087,382 shares changing hands valued at $2,104,212.
Angostura Holdings closed firm at $13.50 with 1,771 units trading; First Citizens Bank contributed 16,329 shares with a value of $571,515 as the price closed firm at $35; Guardian Holdings traded 5,000 units and the price was down a cent to close at $15.24; Jamaica Money Market Brokers with a volume of 378,295 shares, traded for $276,155 as the price held firm at the end at 73 cents. At the end, there was demand for over 39,000 units at 73 cents.
National Commercial Bank exchanged 670,000 shares for a value of $763,500 as the priced closed down 4 cents to $1.14 but the bid was at $1.16 for only 2,000 units and offer of nearly 295,000 units at $1.18. Point Lisas Industrial Port Development Corporation added 10,650 shares valued at $40,151 as the price remained unchanged at $3.77.
IC bid-offer Indicator | At the end of trading, the Investor’s Choice bid-offer indicator showed bids for 3 stocks being higher and 3 stocks with offers lower than their last selling price. This coupled with the lack of supply in the market to meet demand suggest that the market continues to look somewhat bullish for some stocks.
